Flotek Reschedules Third Quarter 2020 Earnings Results

Rhea-AI Summary

Flotek Industries, Inc. (NYSE: FTK) announced the postponement of its third quarter 2020 earnings results, originally set for November 9, 2020, due to ongoing COVID-19 market conditions impacting oil and gas demand. The Company will conduct an impairment analysis of long-lived assets in its Data Analytics segment as of September 30, 2020. New earnings will now be released after market close on November 16, 2020, with a conference call scheduled for November 17, 2020, at 11:00 a.m. CST.

Positive

• Scheduled to release Q3 2020 results on November 16, 2020.
• Earnings conference call confirmed for November 17, 2020.

Negative

• Postponement of earnings due to market conditions affected by COVID-19.
• Conducting impairment analysis, indicating potential asset valuation issues.

HOUSTON, Nov. 6, 2020 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a technology-driven, specialty chemistry and data company, today announced that it is postponing its third quarter 2020 earnings results previously scheduled for Monday, November 9, 2020, and corresponding conference call scheduled for Tuesday, November 10, 2020.

As a result of market ongoing conditions impacted by COVID-19 and the subsequent decline in oil and gas demand, the Company is conducting an impairment analysis of long-lived assets related to the Company's Data Analytics segment, as of September 30, 2020.

The Company expects to file its Form 10-Q by Monday, November 16, 2020.

Updated Earnings Schedule Announced for Q3 2020
In a press release to be issued after the market close on Monday, November 16, 2020, Flotek will release its third quarter 2020 financial and operating results for the three months ended September 30, 2020. Additionally, Flotek will host its earnings conference call on Tuesday, November 17, 2020, at 11:00 a.m. CST (12:00 p.m. EST).

To participate in the call, participants should access the webcast on www.flotekind.com under the Investor Relations section or dial 1-844-835-9986 approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company's website.

About Flotek Industries, Inc.
Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. Flotek's Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality sanitizers and disinfectants for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit Flotek's web site at www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the "Risk Factors" section thereof), and in the Company's other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

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SOURCE Flotek Industries, Inc.

FAQ

What are the new dates for Flotek's Q3 2020 earnings release and conference call?

Flotek will release its Q3 2020 earnings after market close on November 16, 2020, and will host a conference call on November 17, 2020, at 11:00 a.m. CST.

Why did Flotek postpone its Q3 2020 earnings results?

The earnings results were postponed due to ongoing market conditions impacted by COVID-19 and a decline in oil and gas demand.

What is the impact of the COVID-19 pandemic on Flotek's business?

Flotek is conducting an impairment analysis of long-lived assets in its Data Analytics segment, indicating potential challenges due to decreased demand in the oil and gas sector.